Bonavista Energy Corporation Confirms Dividend for May 15, 2012

Monday, April 16, 2012

Bonavista Energy Corporation Confirms Dividend for May 15, 201216:01 EDT Monday, April 16, 2012CALGARY, ALBERTA--(Marketwire - April 16, 2012) - Bonavista Energy Corporation (TSX:BNP) ("Bonavista") confirms that its monthly cash dividend generated from April production will be $0.12 per common share, payable on May 15, 2012. Our objective is to set a prudent dividend policy that provides an attractive cash return to our shareholders, while reinvesting the remainder of our funds from operations to increase our production and equity value. This in turn, will strengthen our asset base, which will allow for consistent or modestly increasing dividend levels in the future. Our dividend policy is reviewed monthly and is based on a number of factors including current and future commodity prices, foreign exchange rates, our commodity hedging program, current operations and future investment opportunities. We continually monitor the impact of all these factors and adjust our dividend and capital programs as conditions dictate. Bonavista has declared this dividend to be paid on May 15, 2012 to common shareholders of record on April 30, 2012, with an ex-dividend date of April 26, 2012.This dividend has been designated as an "eligible dividend" for Canadian income tax purposes.Dividend Reinvestment PlanBonavista has in place a Dividend Reinvestment Plan ("DRIP") that provides for a convenient and cost-effective method for eligible common shareholders to increase their investment in Bonavista by reinvesting their monthly cash dividend to acquire additional common shares of Bonavista. For further information regarding our DRIP, please visit Bonavista's website at www.bonavistaenergy.com or contact Valiant Trust Company at 403-233-2801.Forward Looking StatementsCorporate information provided herein contains forward-looking information. The reader is cautioned that assumptions used in the preparation of such information, particularly those pertaining to cash dividends, production volumes, commodity prices, operating costs and drilling results, which are considered reasonable by Bonavista at the time of preparation, may be proven to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein and the variations may be material. There is no representation by Bonavista that actual results achieved during the forecast period will be the same in whole or in part as those forecasts.FOR FURTHER INFORMATION PLEASE CONTACT: Chairman & CEOKeith A. MacPhail(403) 213-4300ORPresident & COOJason E. Skehar(403) 213-4300ORSenior Vice President & CFOGlenn A. Hamilton(403) 213-4300OR1500, 525 - 8th Avenue SWBonavista Energy CorporationCalgary, AB T2P 1G1www.bonavistaenergy.com

Restrictions

All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. Thomson Reuters is not liable for any errors or delays in Thomson Reuters content, or for any actions taken in reliance on such content. ‘Thomson Reuters’ and the Thomson Reuters logo are trademarks of Thomson Reuters and its affiliated companies.